M&A
confidence high
sentiment neutral
materiality 0.75
TopBuild amends senior notes to facilitate QXO acquisition; removes change-of-control and covenants
TopBuild Corp
- Entered supplemental indentures on June 11, 2026, amending 4.125% notes due 2032 and 5.625% notes due 2034.
- Amendments remove change-of-control offer requirement, eliminate restrictive covenants and all events of default except payment failure.
- Consents from majority holders received; amendments become operative only upon satisfaction of conditions including QXO merger close.
- Supplemental indentures effective immediately; original indenture terms remain in effect if conditions not met.